Manila: Oil firms on Monday announced fuel price cuts of up to PHP20.89/liter effective Tuesday, offering relief after recent price spikes due to the Middle East conflict.

According to Philippines News Agency, Seaoil and Petron will reduce diesel prices by PHP20.89/liter at 6 a.m., while Jetti Petroleum will cut diesel prices by PHP2.70/liter. For gasoline, Seaoil and Petron will roll back prices by PHP4.43/liter, while Jetti will make no adjustment. Seaoil and Petron will also reduce kerosene prices by PHP8.50/liter.

President Ferdinand R. Marcos Jr. stated that the rollback will provide relief to consumers and assured the public of continued measures to cushion the impact of oil price volatility.